Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1887-06-29
PANIC In NEW YORK.

| The Wave of Distrust Strikes the Stock
Exchange-BIack Friday Almost Re-
peated.
NEW YORK, June 24.-The Stock Elk
change was the scene of wild excitement
shortly before the noon hour to-day, the
feeling bordering on panic. It was re-
ported that Jay Gould was dead, the
rumor causing a sharp decline in stocks,
the feeling being especially marked in
Western Union Telegraph, the drop in
| this stock being from IS to IS. Mr..
Gould was at his office, but refused to see
reporters. The market was excited and
active all the morning, with heavy de-
clines It opened with feeling of
confidence in many of the stocks
| which suffered so severely yesterday and
| large supporting orders were given all
over the room. Later, however, there
was very heavy selling apparent and a
report was started that there had been a
falling out between Jay Gould and Rus
sell Sage and Cyrus w. Field At the
same time Berdan offered some heavy
blocks of Manhattan stock which were
taken by Wright & Co., and in a short
period the sales by Berdan amounted to
1000 shares and Wright's purchases to
IL 900 shares. These sales were made
at about 156, but as soon as Wright &
Co.'s orders were filed the price broke
to 149a and at that point Minzesheimer
& Co. had a stop order and they offered
the stock down IS per cent without
making sale. A rally did not occur un-
til the price reached 120-a fall of 363
per cent. from the opening figures.
Regarding the statement that there
had been falling out between Jay
Gould, Russell Sage and Cyrus w. Field,
George Gould said: cit is all mist axe;
there has been nothing between my
father, Mr.. Sage and Mr.. Field other
than that of friendly nature. It is a
trumped up lie of some Wall Street oper-
ators to influence the market. That
their relations are friendly [ am positive.
The drop of this morning was undoubt-
edly caused by an Over-amOunt of selling
by the bear crowd and the stringency in
money. think the market is buy now
on all breaks. At present [ think the
long side is the safe side. But SO far as
any falling out between Mr.. Sage, Mr..
Field and my father having caused the
break it is false"
The excitement reached its greatest
height shortly before noon and verita-
BILE panic was developed. No attention
was paid by brokers to fractions in sales
made by them and fluctuations were so
wild that sales were sometimes from 5 to
10 per cent. apart. The stocks bought
near the opening were thrown over
when the break occurred and this sell
ing completely demoralized spectators.
Marking down of loans and delivery of
orders kept the clerks and messengers
fully as busy as the brokers and the
street was scene of more excitement
than has been witnessed since the May
panic Of 1885. The greatest declines are
Manhattan 403 to 116; Missouri Pacific
II to 932; Cotton Seed to 80; Richmond
Terminal u to 26; New England to
400, and Lake Erie & Western to 531.
The room during the panic was filled
with rumors of all kinds and kilograms
from all points followed each other in
rapid succession, giving selling orders,
and inquiring about the many reports
which were by this time circulated all
over the country. The increased short
interest saved the room from q money
panic by it's DEMAND for stocks for de-
livery, and S. V. White and some other
large operators entered the market and
began buying freely. They soon gather
ed large following and the buying
turned the market almost as rapidly as
it had fallen, and stocks took long jumps
back to their former prices. Manhattan
recovered 20 per cent. of its loss and
other stocks generally recovered about
half the decline recorded. No failures
were announced as the result of the
break.
2:l5 p. Mn most cases the greater
part of the loss was recovered by l
O'Clock, Missouri Pacific making the
greatest advance, as measured by fig
1res, although it did not get within 3 per
cent of it's opening price. Manhattan,
on the contrary, was persistently in the
neighborhood of it's noon figure. With
the increasing strength the activity dis
appeared, and by P. NJ. had become as
dull as at any time in the past few days.
Toward P. NJ. there was a renewal of
the heaviness with more activity, but it
again disappeared, aud at this hour the
| market is quiet and firm.
2:30P M.-When the delivery hour
passed at the Stock Exchange without
| bringing announcements OF any failures,
| the street became more confident and
| buying orders were more free. Schepp
| bid for blocks of 5000 shares at time
anu NduuoIUilG UlOholo 1Iou0 OAuo AOl 90
large blocks of their special
| ties. The trading Of the day
| was The liveliest that is remembered,
the whole list having declined and raj
| lied from to 20 per cent. The feeling
| is now more confident end it is thought
that the losses are widely scattered
| through the country and are not con-
fined to the city as in previous panics.
| Money is still scarce, even at the high
| rates bid and this is considered the
| worst feature of the market.